Ledford Agency LLC

1910 N Big Spring St
Midland, TX 79705

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The Main Types of Homeowner’s Insurance Policies

Homeowner’s insurance comes in many different types to fit the needs of those living in Midland, TX. Buying the right kind of policy is crucial to your well-being and that of your family. If you’re unsure of what you need in a homeowner’s policy, Ledford Agency LLC will gladly guide you through the process.

Home Policies Have a Number Designation

Consumers will find eight basic types of home insurance policies, each with the letter HO, a dash, and the numbers 1 through 8. You’ll find this designation on your policy’s declaration page. Each refers to a specific type of coverage.

The following are the different types of policies you may encounter:

  • HO-1, providing barebones coverage for only ten specific perils
  • HO-2, known as the broad form, provides additional coverage, including dwelling coverage, personal liability, and loss of use
  • HO-3, an open peril policy, is the most common type issued
  • HO-4, renter’s insurance, for those renting houses and apartments
  • HO-5, the highest level of coverage, involving actual replacement costs
  • HO-6, for those living in a condo or co-op
  • HO-7, similar to an HO-3 but applying to mobile homes
  • HO-8, for homes more than 40 years old that may have higher replacement costs

Why Designations Matter

If you purchase the wrong type of policy, you may not receive essential coverage. The best bet is to buy coverage in the amount that reflects your total assets. Anything beyond that will increase your liability protection for accidental injury or property damage.

Don’t Select the Wrong Policy

You may be tempted to choose an incorrect type of policy because it may be cheaper than the one that is right for your needs. Instead of guessing, let Ledford Agency LLC, serving residents in Midland, TX and surrounding areas, help you choose the most appropriate policy to cover your home and its contents.

How can I tell if I have enough liability coverage on my auto insurance?

If you drive in Texas, you will need to be able to prove financial responsibility in case you are in an accident. The state has certain minimum amounts of coverage you need to ask for when purchasing your policy. However, those minimum amounts may not be enough to truly protect you if you are involved in a serious accident. Ledford Agency LLC in Midland, TX can help you evaluate your coverage so you can decide how much is right for you.

What Happens When My Insurance Maxes Out?

If you are found to be at fault in an accident, your insurance will usually pay for the claim. Your insurance is only responsible for paying out the amounts that you have specified in your policy.

For instance, say you have $30,000 liability coverage for injuries to a person. Once the medical bills hit $30,000, you are personally responsible for paying the rest of the claim. If you cannot pay, the injured party may be able to take your assets, such as your bank account or your home.

So How Do I Decide How Much Insurance I Need?

You want enough auto insurance coverage to protect your assets. Figure out your net worth, which is equal to your assets minus your debts. The less you have, the less incentive there is to sue you.

If you cannot get enough insurance to protect your assets, you can add an umbrella policy with much higher limits.

Get the Auto Insurance Coverage You Need In Midland, TX

There are always risks to driving, and insurance is how you protect your assets. If you have any questions about auto insurance, or if you would like to discuss additional coverage, please feel free to call Ledford Agency LLC today.

Protecting Your Business in the Digital Age

In today’s digital landscape, businesses grapple with unprecedented opportunities and risks as technology becomes inseparable from operations. Cyber threats, growing in sophistication, have a profound effect on commercial insurance. At Ledford Agency LLC, providing insurance products in the greater Midland, TX region we want to help you learn more about the vital role of cybersecurity measures in protecting businesses and how insurers are adapting.

Escalating Cyber Risks

The dynamic and increasingly complex nature of cyber threats poses a substantial challenge to businesses. From data breaches to ransomware attacks, robust cybersecurity measures have become critical. Commercial insurance must evolve to cover a spectrum of cyber risks, including financial losses, reputational damage, and legal liabilities.

Tailored Cyber Insurance

Standard commercial insurance policies often fall short in addressing the specific risks associated with cyber threats. To bridge this gap, insurers now provide specialized cyber insurance policies. These are crafted to offer comprehensive coverage for expenses related to data breaches, business interruption, and the costs of investigating and mitigating cyber incidents.

Collaborative Risk Management

The intersection of cybersecurity and commercial insurance necessitates collaboration between businesses and insurers. Companies are encouraged to actively engage in risk management strategies, implementing robust cybersecurity measures to demonstrate their commitment to safeguarding sensitive information. Insurers, in turn, reward proactive risk management with tailored coverage and support.

In navigating the digital age, the synergy between cybersecurity and commercial insurance is paramount. Businesses must recognize the evolving cyber risks, invest in tailored insurance coverage, and collaborate on effective risk management strategies to protect their operations, finances, and reputation in our interconnected world. If you’re looking to purchase commercial insurance, we can help you. Call Ledford Agency LLC in Midland, TX today.

What is the 80/20 rule for home insurance?

Just like with everything else, you want to find the right balance when it comes to buying insurance. You want to have enough protection to avoid disaster without paying extra for coverage you don’t need.

At Ledford Agency LLC, we help you find that balance when you insure your Midland, TX home. One of the ways you can make sure you have the right coverage is by following the 80/20 rule.

What Is the 80/20 Rule?

The 80/20 rule is an insurance industry standard. Most insurance companies use this standard, which basically assigns a minimum amount of coverage you need to get when insuring your home.

Under the 80/20 rule, you will need to insure your home for at least 80% of its replacement value in order to make claims. If your coverage is less than 80% of the replacement value, your insurance will only pay a proportionate amount of your claim.

Changes To Your Home’s Value Can Change the Amount of Insurance You Need

As the homeowner, you need to be aware that changes in your home’s value can affect the use of the 80/20 rule. For instance, making major upgrades to your home can significantly raise your home’s value, at which point you may need more insurance. Let your agent know right away when you make improvements to your home. Inflation can also cause your home’s value to increase.  

We Are Here To Help

You need to keep in mind that the 80/20 rule has no effect on your liability coverage. Also, there can be a large difference between the replacement value of your home and the market value. If you have any questions about your Midland, TX homeowners insurance, please feel free to call the Ledford Agency LLC today.

When should I assess my auto insurance needs in Texas?

Those that are in the Midland, TX area will always need to have insurance for their vehicle. When you do have a car here, you will be required by the law to at least have liability insurance, and most lenders will require a full comprehensive plan. There are various situations when you should reconsider your insurance needs and assess different policy options. 

When Buying a New Car

A situation when you are going to need to consider your insurance needs is when you buy a car. When you do purchase a car, you need to have some level of insurance the second you drive it off the lot. Generally, it is better to start talking to an agent before you purchase a car so you can assess your options. Once you have finalized the details of your purchase, an insurance professional can help you get into a new policy.

When Moving to a New Area

Another time when you should consider your auto insurance needs is when you are moving to a new area. Particularly if you are moving to a new state, it is important to consider what different requirements you may have. Further, as different cities have different rates of accidents and theft, premiums can vary considerably when you move. When you do look to move, it would be a good idea to assess your auto insurance needs to see if you can get into a better plan. 

Consult With Us

It is always helpful for someone in the Midland, TX area to speak with someone they can trust when looking for a new plan. As you are looking for a policy here, you should call our team with the Ledford Agency LLC. Our professionals at Ledford Agency LLC can give you any help you need to build a new plan. 

What Questions Should You Ask When Shopping For Commercial Insurance

Almost 75% of businesses in the United States are underinsured. That suggests that when people experience problems, they are not protected and are in charge of paying the related expenses. Commercial insurance is essential because most organizations don’t have a lot of extra cash on hand to meet these unplanned (and usually expensive) charges.

Here is a list of questions you should ask before acquiring a commercial insurance policy because it’s critical to select the best option for your business.

What To Ask When Shopping For Commercial Insurance

How Much Coverage Should I Have?

The first thing you need to know is the value of your commercial property. Its value will determine how much coverage you need. Remember that the property’s value may fluctuate over time, requiring regular insurance adjustments. Despite the fact that you want to protect your investment, you also do not want to go overboard with insurance and end up paying more than necessary.

What Are the Deductibles?

Deductibles are the amount that you would be responsible for paying out of pocket if you had to file a claim. The higher the deductible, the lower your monthly premium will be. However, you should not set your deductible so high that you cannot pay it in the event that you ever need to file a claim.

What Is Exactly Covered By My Commercial Insurance?

Choosing the best commercial insurance for your business from the range of possibilities may be stressful and challenging. Therefore, it’s imperative to make sure that you are well aware of what commercial coverage will cover and what it won’t. Behind your primary policy, commercial insurance often serves as a kind of catch-all that handles a variety of eventualities.

Schedule A Consultation Today!

If you own a business in Midland, TX and are thinking of purchasing business insurance, do not hesitate to reach out to Ledford Agency LLC. At Ledford Agency LLC, we work with clients from Midland, TX and other nearby areas, and we help them find perfect policies based on their individual needs. 

Homeowner’s Responsibilities Through Their Home Insurance Policy

When homeowners have a home insurance policy, they gain a sense of security knowing that their property and possessions are protected. However, homeowners need to understand their responsibilities and duties to ensure the smooth operation of their insurance coverage in and around the Midland, TX area. 

Ensuring Property Safety and Maintenance

Homeowners are responsible for maintaining their property in a safe and well-maintained condition. This includes regular upkeep, addressing potential hazards, and making necessary repairs. 

Notifying the Insurance Provider

Homeowners must promptly notify their insurance provider of any changes that may impact their policy. This includes updates on renovations, additions, changes in occupancy, or the presence of specific risks (e.g., adding a swimming pool or renting out a portion of the property).

Taking Necessary Preventive Measures

Homeowners must take reasonable steps to mitigate loss and damage to their property. This may involve securing the property during an impending storm, promptly repairing minor damages to prevent further deterioration, or implementing safety measures like installing smoke detectors or security systems.

Filing Claims Properly

In case of a covered loss or damage, homeowners must promptly document and report the claim to their insurance provider. This includes gathering evidence, such as photographs or receipts, to support the claim and providing accurate information about the extent of the loss. Adhering to the claim reporting procedures specified by the insurance provider helps ensure a smooth and efficient claims process.

Engaging in the Claims Process

Homeowners must cooperate fully with the insurance company during the claims process. This involves providing requested documentation, responding to inquiries, and working with adjusters or investigators as needed. 

How Ledford Agency LLC Can Help You

At Ledford Agency LLC, we can answer all your questions concerning boat insurance coverage. We assist the Midland, TX region. Contact us today. 

Safe Driving Habits for Summer Road Trips

There’s nothing like a summer road trip to create lasting memories for your family. Whether you’re traveling in-state or visiting hotspots across the country, safety should be a number one priority. These safe driving tips from Ledford Agency LLC can help keep you accident-free during your summer travels in Midland, TX and surrounding areas.

Safe Driving Habits for Road Trip Travels

The secret to safe, enjoyable road trips is planning. Plan your routes, make reservations for camping or hotels in advance, and have your vehicle inspected before hitting the road to ensure it’s in good shape for your journey.

We also recommend that you:

  • Schedule your driving time to avoid road congestion as much as possible. Try to arrive in new places during daylight so you can easily find your accommodations for the night.
  • Take frequent breaks to stretch and rest to avoid driving exhausted Stay alert and avoid using your phone or other devices that can distract you on the highway.
  • Stick to the speed limit to avoid getting ticketed or causing an accident.
  • Keep an eye on your gas tank to ensure you have ample fuel to reach your destination, even if you have to endure long waits in traffic.
  • Check your tires daily for signs of wear and tear or low pressure. If your vehicle shows signs of potential problems, no matter how small, have it checked right away to avoid getting stranded on the side of the road later down the line.
  • Make sure everyone is wearing their seat belts while you’re traveling to help prevent serious injury in the event of an accident.

Update Auto Insurance Coverage

Before hitting the road, review and update your auto insurance coverage from Ledford Agency LLC in Midland, TX to ensure you have ample protection for your travels. We’re here to meet all your auto insurance needs.

The Benefits Employees Really Want

Increasing employee retention is at the top of everyone’s priority list right now. If you are an employer who is serious about employee retention, it is important that you pay attention to the benefits that employees actually need and want. Here at Ledford Agency LLC, we want to help business owners in Midland, TX and the surrounding areas better understand these important topics. 

Benefits Are Not A Thing Of the Past

First off, it is very important that you understand that employee benefits are not a thing of the past. As much as some employers would like employees to believe this lie is true, it is not. Employee benefits are one of the most powerful employee retention tools you have, and to ignore it or experiment with not providing benefits is a recipe for high employee turnover and failure. 

Mental Health Services 

Free or very affordable mental health services are a very powerful way to send a  message to employees that you care about them, and you want them to be personally empowered. When your employees are personally empowered, it always trickles down as a success for your company. 

On-Site Child Care 

Not every business can necessarily provide this, but for businesses that can, onsite child care is the golden ticket to employee retention. Providing this type of benefit sends a very powerful message to parents that you care about all aspects of their life and you understand that in order to stay focused and productive at work, parents need to know that their kids are okay. Onsite hugely reduces the need for parents to leave work for child-related issues thus keeping employees onsite longer which also increases productivity in the long run. 

We Can Help!

If you would like to learn about commercial insurance products, please contact us at Ledford Agency LLC serving Midland,TX and the surrounding areas. 

3 Things You Need to Know About Home Insurance

Virtually all mortgage companies require homeowners to have some level of protection through home insurance. These policies typically cover damage and destruction to a home’s interior or exterior, theft, and personal liability. This type of insurance coverage can actually save you hundreds of thousands of dollars in the event of a natural disaster in the Midland, TX area.

When shopping for a policy, there are three vital things that you need to know:

What Items and Events Are Covered

Generally speaking, should your home face a disaster such as a fire, hurricane, lightning, or another natural event, your insurance company will compensate you for repairs. You also need to be aware of how you will be compensated. For instance, you may be paid the cash value of your items or the cost to replace those items.

What Things Aren’t Covered

Though there are many different types of damages covered by most homeowner’s insurance policies, some damages such as those caused by earthquakes and floods are generally not covered. If you live in an area where coverage for these events is needed, you can supplement your policy with other types of insurance.

How Rates Are Determined

As with other types of insurance, rates are influenced by associated risk factors. Each provider has their own unique formula used to assess risk, further varying the rates you may be quoted. The type of coverage you choose, the area your home is in, and your claims history are just a few of the most common factors used.

Get the Coverage You Need From the Ledford Agency LLC

If you’re in the Midland, TX area and need a bit of help determining what type of coverage is right for you, give the team at the Ledford Agency LLC a call today! We can’t wait to speak to you.